I am handy and was able to do the repairs for cheap, but I should have valued my time more. 

Condos where I am at ( in central TX) are going for super cheap right now - around the 90-120k mark.

That leaves the low property tax, no income tax, cheap utilities, no weather related expenses, tile roofed, stucco sided, median property age under 20 years, cheap insurance and solid foundations Las Vegas properties with lots of entertainment, very cheap flights and a good quality of life. 

Few inspectors, regardless of how talented they may be, have building experience.This project you're embarking on sounds like $100k, not $40k....... even a cheap kitchen will run $25k......

If it's cheap, I would pay.

Keeping costs sensible can be done without being cheap. 

Yeah, I know someone is going to throw out you have to throw in vacancy, repairs, capX, property management  ect , ect, etc.  

Still red tape but a definitive end game Pavlov law approach:Food, shelter, water, safety, comfort and I will throw in livelihood.Get your contract out and read it thoroughly.  

There is usually a warranty (tenants break things) and free delivery, installation and haul away of the old appliance. new appliances are so cheap these days that I don't buy a used one -- especially not from craigslist where it could break shortly after purchase (no reviews on who is selling it) and then it's a hefty fee to get someone out to fix it. repairman are expensive these days whereas appliacnes are becoming more affordable.

Putting up cheap paneling (and for some reason it's always DARK paneling) to cover plaster walls since these walls tend to crack easily with any nails is something I've noticed in many of the old houses around here.And yes, there are typically lots of surprises when dealing with an old house.